The international energy services company, Wood Group PSN, has won a contract with Esso Highlands to provide construction and maintenance to services to the Hides gas plant in Papua New Guinea’s Highlands and the new PNG LNG plant near Port Moresby.
Industry sectors
The ratings agency Moody’s has cut Newcrest Mining Ltd’s credit rating, declaring its outlook as negative, after the gold miner announced a AUD$6 billion (K12.6 billion) in asset writedowns in June.
As the Papua New Guinea Government prepares to negotiate the terms of a deal with Australia to improve health services, one solution may lie in the small African nation of Lesotho, which has successfully partnered with the private sector.
Oil Search has reported that while it has discovered only ‘modest’ quantities of natural gas during a new exploration campaign in the Gulf of Papua, it will continue drilling in the area.
Harmony Gold has become the latest gold miner to write-down its Papua New Guinea assets, as a sharp drops in bullion prices force mining companies globally to reassess the profitability of their mines.
The luxury cruise line Carnival Australia has signed a three-year deal with AusAID to boost local business tourism opportunities in Papua New Guinea and Vanuatu.
The Bank of Papua New Guinea argues that the government should fund its spending plans from the domestic banking system. Meanwhile, the government is ramping up its borrowing from foreign sources. Who is right?
The Pacific’s tourist sector has been resilient to the falling Australia and New Zealand dollars, according to the July ANZ Bank Pacific Monthly update.
Telikom PNG is upgrading and expanding its network, after earlier this month signing a K600 million (US$200 million) deal with Chinese technology provider Huawei. Chairman Mahesh Patel outlines where the money will be spent and commits the state-owned telco to improving its customer service.
Construction of a new private wharf and boat ramp in Port Moresby will be completed by the end of the year, according to Karthik Pajjala, General Manager of Avenell Engineering Systems Ltd, the builders of the wharf.